The TIFs of the 2nd Ward

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This presentation on the TIFs of the 2nd Ward has a focus on the proposed DePaul Stadium and was given at a forum organized by DePaul students on October 3, 2013 (see http://tinyurl.com/DePaulStadium-10-3).

If you would like your own copy of this presentation that shows all the data from this ward as well as examples from the TIF Hall of Shame, please visit The TIF Data Store @ http://tinyurl.com/TIF-Data-Store. The TIF Illumination Project is 100% volunteer driven but we have serious monthly expenses to operate the CivicLab, our home, plus we’d like to build an online platform to make this information easy to access. Thanks!

Contact = info@civiclab.us

www.civiclab.us
www.tifreports.com

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The TIFs of the 2nd Ward

  1. 1. August 27, 2014 Tom Tresser
  2. 2. 2 www.civiclab.us
  3. 3. 3
  4. 4. In the evening – open enrollment workshops on all things civic... 4 “TIF 101” “Vegan Cooking”
  5. 5. Watch the 2 ½ minute promo @ http://tinyurl.com/TIF-101-promo-YT 5
  6. 6. 6 What are TIFs?
  7. 7. 7 What are TIFs? • Created by municipality (state statute) • Boundaries cross political and community boundaries • Designed to subsidize some business project in “blighted” or under-served area • Captures “incremental” property taxes ABOVE base when district was created • Lasts 23 years
  8. 8. 8 How Do TIFs Work? When the TIF is created, the city tallies up all the property taxes generated by district in that year (called the "base" amount). After that, all property tax increases above the base (the "increment") are channeled to the TIF district. The property taxes collected from properties inside the district BEFORE the district was created that go to units of government stays FLAT for the life of the TIF (23 years).
  9. 9. 9 What are TIFs? Under state law, areas proposed for TIF designation must possess numerous blighting factors to be eligible: • Age • Obsolescence • Code violations • Excessive vacancies • Overcrowding of facilities
  10. 10. 10 TIFs Used On These “Blighted” Areas 40 S. Halsted Apple Store
  11. 11. Better Government Association 11
  12. 12. 12
  13. 13. 13
  14. 14. 14 Where are TIFs? • All over Chicago and Cook County = 435 TIFs in 2013 • 151 in city of Chicago • Additional 284 in suburban Cook County
  15. 15. Where are TIFs? TIF 101 15
  16. 16. 16 Where are TIFs?
  17. 17. 17 How Much Revenue Do TIFs Collect?
  18. 18. 18 How Much Revenue Do TIFs Collect? 2013 TOTAL TIF REVENUE FOR COOK COUNTY City of Chicago TIFs diverted $422 MILLION Suburban Cook County where 91 municipalities have TIFs TIFs diverted $261 MILLION TOTAL FOR 2013 = $683 MILLION
  19. 19. How Much Revenue Have TIFs Collected? 19 Ouch! Source: Cook County Clerk
  20. 20. 20 How Much Revenue Have TIFs Collected Since TIFs Introduced Here?
  21. 21. 21 How Much Revenue Do TIFs Collect? TIFs extracted $412.4 million in 2013. That # is 56% of the TOTAL amount of property taxes that went to the city for its operations ($737.5 mm)! TIF = “Off the books" “On the books”
  22. 22. • We were told that TIFs have NO impact on our property taxes. • This bill is from a property inside the Englewood TIF. • It shows “0.00” impact on this person’s bill. Nothing.
  23. 23. 23
  24. 24. 24
  25. 25. Clicked here to open the 151 2013 PDF Annual Reports. One by one. 25
  26. 26. 26
  27. 27. Volunteer TIF Researchers Open TIF Reports Look Up Designated Numbers and Place Then Into Shared Spreadsheet… 27
  28. 28. 28 THE CITY HAD $1.71 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2013!
  29. 29. 29 What are TIFs doing to us?
  30. 30. 30 • # TIFs in your ward • How much property tax $ extracted by those TIF from ward • How much $ left in those TIFs FROM ward at end of year • What projects in ward funded by TIFs • Lifetime extraction of TIFs which are mostly in your ward • Any transfers of $ in or out of your TIFs • $ extracted by city for “admin” costs
  31. 31. 31 The TIFs of the 23rd Ward
  32. 32. If you would like your own copy of this presentation that shows all the data from this ward as well as examples from the TIF Hall of Shame, please visit The TIF Data Store @ http://tinyurl.com/TIF-Data-Store. The TIF Illumination Project is 100% volunteer driven but we have serious monthly expenses to operate the CivicLab, our home, plus we’d like to build an online platform to make this information easy to access. Thanks! 32 Contact = info@civiclab.us
  33. 33. 33 www.civiclab.us www.tifreports.com

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